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: Costco saw inflation easing as November sales rose

Costco Wholesale Corp. said Wednesday that its November sales rose to $18.13 billion from $15.67 billion last year, up 15.7%, as inflation eased from the month prior.

Costco’s
COST,
-1.77%

same-store sales for the month increased 14.1%, with online sales climbing 12.2%. There was some inflation moderation in November compared to October, a company investor relations representative said on a pre-recorded call. October sales increased 19.2%, Costco reported last month.

For the 12-week first quarter ended Nov. 21, the company’s net sales were $49.42 billion, a 16.7% increase from $42.35 billion last year. For the 13 weeks ended Nov. 28, Costco reported net sales of $54.10 billion, a 16.8% rise from $46.33 billion last year.

Shares of Costco fell about 1% in extended trading after closing at $529.84, down about 1.8%. So far this year, the company’s shares have risen about 40%, as the S&P 500 index
SPX,
-1.18%

has increased 21.6%.

The company is scheduled to release fiscal first-quarter results Dec. 9.

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